EBIX, INC. (NASDAQ:EBIX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 12, 2018, Ebix declared that its Compensation Committee has accepted CEO Robin Raina’s request to forego his cash salary and instead accept Ebix stock for equivalent value every month, at the stock price prevailing at that time in the market. Ebix's CEO will receive stock instead of cash for a period of time, until the stock price is $150 per share or the economic equivalent as adjusted for future corporate actions such as stock splits that may occur from time to time.
Item 7.01 Regulation FD Disclosure.
Ebix also announced that it has decided to commit $100 million of cash to its stock repurchase plan with immediate effect, as part of its February 6, 2017 $150.0 million publicly-announced share repurchase plan, to take advantage of the present Ebix stock price.
On December 12, 2018, the Company issued a press release announcing the details regarding changes to its CEO's compensation and recommitment of its share repurchase plan. A copy of this press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
EBIX INC Exhibit
EX-99.1 2 ceocompensationandsharerep.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Ebix CEO Decides to Take Salary in Ebix Stock Instead of Cash,…
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About EBIX, INC. (NASDAQ:EBIX)
Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.